WETHERSPOONS NEWS
A second pub in London has been sold. This is the Angel in Islington (see under Urban Pubs & Bars below).
At 13 July, there were still 13 pubs in London which were either available or under offer. It is understood that at least one further pub has been withdrawn from sale following an increase in its sales. According to the Propel Newsletter, during their current financial year, JDW has sold, closed or surrendered the leases of 28 pubs. 15 were leaseholds where the lease had expired or a break clause had been activated. The sales brought in £6.5 million. The company said that ‘almost all are related to circumstances where there is another Wetherspoon pub nearby’. JDW still have 827 pubs and have opened three new ones this year.
Recent sales figures showed an increase of 11% compared to pre-pandemic levels and Tim Martin told Propel, “The company expects profits in the current financial year to be in line with market expectations.”
YOUNG’S NEWS
Young’s continue to purchase pubs, at least a dozen recently, including three from Marston’s Revere brand. All of the sites are ‘out of town’, except for the Stag in Hampstead. Some have hotel potential. Young’s have also spent some £60 million on improvements to their existing pubs. Much of this money has been spent in London, examples being the Marquess of Anglesey in Covent Garden and the Hare & Hounds in East Sheen.
There were changes announced at the company AGM on 6 July. Steven Goodyear is standing down as non-executive chairman and will retire from the board at the next AGM. His replacement will be Steve Cooke, who joins the company from international law firm Slaughter & May.
It appears to be common knowledge now that, following Carlsberg Marston’s (CMBC) sale of the Eagle Brewery in Bedford, the brewing of Young’s brand beers was transferred to Ringwood Brewery in Hampshire. However, in June, CMBC announced that they were putting both the Ringwood brewery and their beer brands up for sale. At least CMBC are not just closing down Ringwood as they did with Jennings and hopefully Ringwood’s heritage will be retained (even if it does only go back to 1978!) and people will keep their jobs.
URBAN PUBS & BARS
As mentioned above, UPB have acquired the lease of the Angel from Wetherspoon’s and have renamed it the Junction. In Putney, they have acquired the former Revolution Bars outlet which was once the Railway (ex Wetherspoon’s). UPB have also acquired the former Sports Bar & Grill site on the balcony at Waterloo Station. They will be renaming it the Victory, presumably after the station’s iconic entrance. UPB now have some 41 bars and restaurants in London.
OTHER PUB TRADE NEWS
As mentioned in the last edition, Fuller’s are converting a number of their managed houses to tenancies. So far, this has included the Builders Arms in East Croydon and the Grade II-listed Castle in Harrow. Market Taverns have acquired the Spencer on Putney Common while Antic have refurbished and reopened the Bird in Hand in Forest Hill. One of the former Antic pubs that was repossessed because of rent arrears, the Grade II-listed Leyton Technical, has now been taken over by the Remarkable Pub Company.
BLACK SHEEP SOLD
Further to the reports in the Brewery News column, Breal Capital also emerged as the new owners of the Black Sheep Brewery. They acquired the Masham, North Yorkshire, based brewery out of administration. A source at the brewery said that this meant that the brewery ‘would continue to produce its beers and the deal would protect jobs’. The brewery’s three pubs in Leeds and York have however been closed with immediate effect.
ADNAMS NEWS
In an interesting reflection of the current trading situation, in the year ended 31 December 2022, Adnams saw sales increase to £64.2 million (from £57.4 million in 2021) yet registered an operating loss of £1.2 million. Beer volumes increased by 2.7%. One interesting new venture concerns the famous Southwold lighthouse, which Adnams now own. You can book tours through Adnams’ website. There is a 113 step spiral staircase to contend with but the views from the top are stunning and the ticket includes a drink in the Sole Bay Inn afterwards.
MORE TENANTED PUBS SOLD
Another brewery/pub company has sold off its tenanted pubs. This time it is Hartlepool based Camerons. They have sold 27 pubs to a new pub company called FB Taverns which is owned by someone who the Propel News Briefing describes as a ‘high-net-worth individual’. This brings FB’s estate to some 40 pubs, mostly wet-led community pubs in the north-east of England. Camerons still have 47 pubs across the UK, including the Head of Steam outlets.
NO MORE BOTTLE-CONDITIONED PEDIGREE
Carlsberg Marston Brewing Company (CMBC) has discontinued the bottle-conditioned version of Pedigree. The reason given was ‘declining sales and rising costs’. I have to admit that I didn’t know that there was a bottle-conditioned version. Perhaps better advertising would have helped. CAMRA’s national chairman, Nik Antona, a resident of Burton on Trent, described the decision as a ‘great shame’ and added, “Fortunately, many other brewers across the UK still embrace bottle conditioning and CAMRA’s One to Try scheme helps consumers identify these brews.” You can find details of the One to Try scheme here.
The Marston’s brewery in Shobnall Road houses the one remaining working set of Burton Unions. In the days when Marston’s were an independent company, the draught Pedigree brewed using the Unions was reserved for Marston’s tied houses in the Burton area. I wonder if this arrangement still holds.
ANCHOR TO CLOSE
The Anchor Brewing Company in San Francisco was one of the pioneers of what became the craft beer movement in the USA. Sadly, after 127 years, it is closing its renowned Potrero Hill brewery. A spokesperson said, “Economic pressures have made the business no longer sustainable.” The spokesperson added that ‘repeated efforts’ to find a buyer had failed. 61 people have lost their jobs. Ironically, ABC has not been part of the craft beer movement since 2017 when it was taken over by Japanese brewers Sapporo. In 2022, Sapporo also added Stone Brewing of San Diego to their portfolio and this is where they brew their own brands for sale in the USA.